Master Promissory Note
The Master Promissory Note (MPN) is the method for students to apply for their Stafford Loans. It was created to reduce the paperwork burden for students and schools. The initial MPN application may represent the one and only time you are required to complete a loan application.
Here is how it works. The University of Mississippi will inform you by means of a Financial Aid Award Notification that you have become eligible to borrow under the Federal Stafford Loan program. If you wish to accept a loan, you must electronically accept your award in the amount desired. Upon receipt, the Office of Financial Aid will electronically certify your loan. You will only need to sign a promissory note if your lender does not already have a MPN on file for you. If they do, lenders will disburse funds to the Bursar on your behalf within days of certification.
The MPN can be used for up to 10 years of borrowing for educational expenses. If no loan is funded within 12 months of the original borrower sign date, a new MPN will be required.